GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — TM Gravis Clean Energy Income Fund — Investor Presentation (January 2026)
30 slides from GCP Asset Backed Income Fund's investor presentation, January 2026
Slide 1: TM Gravis Clean Energy Income Fund
TM GRAVIS CLEAN ENERGY INCOME FUND JANUARY 2026 For professional investors only
Slide 2: Background to the Clean Energy Sector
BACKGROUND TO THE CLEAN ENERGY SECTOR 2
Slide 3: What Is Clean Energy?
WHAT IS CLEAN ENERGY? The sustainable energy association defines clean energy as ‘energy derived from renewable, zero - emissions sources (“renewables”) , as well as energy saved through energy efficiency (“EE”) measures’. Solar Wind Hydro Energy Storage Energy Bioenergy Smart Grid Geothermal Heat E
Slide 4: Renewable Power Generation
RENEWABLE POWER GENERATION Renewable power generation accounts for the significant majority within the electricity supply mix by 2050. Installed renewable power generation capacity growth dominated by solar and wind. Source: IRENA Global Renewables Outlook: Energy Transformation 2050 4
Slide 5: Electrification of the Economy Will Result in Higher Electricity Use
ELECTRIFICATION OF THE ECONOMY WILL RESULT IN HIGHER ELECTRICITY USE Illustrative UK final energy use in 2050 Overall electricity use declines owing to energy efficiency initiatives but the electrification of transport and heating resu lts in an approximate doubling of electricity usage, which becom
Slide 6: Energy Efficiency & Flexible Power Grids: Significant Investment Required
ENERGY EFFICIENCY & FLEXIBLE POWER GRIDS: SIGNIFICANT INVESTMENT REQUIRED Climate change commitments require significant expenditure on a range of initiatives and related infrastructure in addition t o renewable power generation capacity. Opportunities in energy efficiency projects, the electrificat
Slide 7: Corporate Sustainability Ambitions
CORPORATE SUSTAINABILITY AMBITIONS Additionality Corporate sustainability ambitions increasingly focused on emissions, driving investment in sourcing and generating renewable en ergy. Corporates are making investment decisions that directly result in new renewable energy generation capacity being ad
Slide 8: Renewable Energy Is Increasingly Cost Competitive with Fossil Fuels
RENEWABLE ENERGY IS INCREASINGLY COST COMPETITIVE WITH FOSSIL FU ELS Global weighted - average Levelised cost of Electricity and PPA/auction prices, 2010 - 2022 Source: IRENA World Energy Transition Outlook 2022 8
Slide 9: Introduction to the Fund
INTRODUCTION TO THE FUND Gravis
Slide 10: Fund Guidelines and Characteristics
FUND GUIDELINES AND CHARACTERISTICS Key Information Fund limits • A diversified portfolio of global listed securities, listed in OECD • At least 90% has a minimum market cap of £250m or equivalent nations, including yield co equity, investment companies and • Maximum 17.5% invested in corporate debt
Slide 11: Investment Philosophy
INVESTMENT PHILOSOPHY Investment Management Portfolio construction Fair valuation Fund Price construction awareness Ensure diversification Seek opportunities to Low relative volatility across the UK listed minimise entry price infrastructure sector Inflation hedging Risk management Mitigate risk by
Slide 12: Risk Profile of Target Clean Energy Sectors
RISK PROFILE OF TARGET CLEAN ENERGY SECTORS Operational Assets & Greenfield Assets, Operational Assets Contracted Cash Flows Construction Stage Assets Commercial Exposure Mid- length fixed PPAs Element of merchant power Supply chain & commoditised Increasing Volatility price exposure industries Deve
Slide 13: Investment Examples
INVESTMENT EXAMPLES Market Cap – $2.2bn Market Cap – £700m Market Cap – $9.0bn Market Cap – $4.5bn IPO Date – June 2014 IPO Date – July 2013 IPO Date – July 2020 IPO Date – July 2013 Market Cap – €16.0bn Market Cap – €2.1bn Market Cap – £3.2bn Market Cap – $2.0bn IPO Date – June 2008 IPO Date – July
Slide 14: Fund Characteristics
FUND CHARACTERISTICS Gravis
Slide 15: Portfolio Construction
PORTFOLIO CONSTRUCTION Portfolio as at 31 December 2025 Company Holding Underlying project exposure Greencoat UK Wind PLC 8.37% Wind 42.5% Renewables Infrastructure Group Ltd 8.32% Solar 26.5% HA Sustainable Infrastructure Capital Inc 8.15% Climate Solutions 8.8% Clearway Energy Inc 7.04% Hydroelect
Slide 16: Portfolio Cash Flow Resilience
PORTFOLIO CASH FLOW RESILIENCE Bias towards operational energy infrastructure assets underpinned by contracted pricing Operational Assets Revenue Characteristics Energy Non - Cash Infrastructure 1.0% Commercial Cash 0.7% Revenues 1.0% 2.5% Regulated Revenues Energy 5.1% Infrastructure: Construction
Slide 17: Depth of Projects within the Fund - Sample
DEPTH OF PROJECTS WITHIN THE FUND - SAMPLE The Fund invests in multiple closed ended funds; which own or invest in a diversified pool of SPVs Gresham Aquila European Greencoat Renewables JLEN Boralex Encavis Innergex House ES Renewables UK Wind Infrastructure Group Environmental 157 projects 229 pro
Slide 18: Fund Performance
FUND PERFORMANCE C GBP Net Accumulation 18 December 2017 – 31 December 2025. 220 MSCI World Infra TR 200 TM Gravis Clean Energy Income Fund TR 180 160 140 120 100 80 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Returns Since 5 3 12 3 1 Annualised since YTD Volatility Yield Inceptio
Slide 19: Since Launch Risk & Reward
SINCE LAUNCH RISK & REWARD Data as at 31 December 2025. 220 Average volatility Return (17.0%) 200 180 160 140 MSCI World 120 100 MSCI World Infrastructure Average return (74.3%) 80 60 iShares Global Clean Energy 40 20 TM Gravis Clean C Acc GBP 0 0 5 10 15 20 25 30 Volatility Return Since Launch * Vo
Slide 20: Dividends
DIVIDENDS Quarterly since inception to 31 December 2025. 2017 0.3220p Q1 2018 3.9646p Q2 2019 4.4612p 2020 4.6487p Q3 2021 5.4997p Q4 2022 6.5483p 2023 6.7476p 2024 6.7809p 2025 5.9846p 0 1 2 3 4 5 6 7 8 Past performance is not necessarily a guide to future performance. The Fund launched on 18 Decem
Slide 21: Appendix
APPENDIX Gravis
Slide 22: Securities Team
SECURITIES TEAM William Argent, CFA – Fund Manager Shayan Ratnasingam – Senior Research Matthew Norris, CFA – Fund Manager James Peel, CFA – Senior Research Analyst Matthew is responsible for the oversight of Analyst Will is a Fund Manager at Gravis having joined the company in 2017. Shayan is a sen
Slide 23: Distribution Team
DISTRIBUTION TEAM Cameron Gardner – Director, Jason Anderson – Head of Jonathan Feely – Sales Director, Ollie Matthews – Sales Director, Head of Distribution London Sales North & Midlands South & Channel Islands Cameron is a Director at Gravis and Jason is Head of London Sales for Jonathan is a Sale
Slide 24: Key Investible Areas in Clean Energy Sector – SPV Focused
KEY INVESTIBLE AREAS IN CLEAN ENERGY SECTOR – SPV FOCUSED Operational & Cash generative Renewable Energy assets such as Wind, Solar, Hydro & Biomass plants. SPV Investment company 24
Slide 25: Project Finance Model in Operation
PROJECT FINANCE MODEL IN OPERATION Regular and long dated payments from: • Contracted payments Special purpose vehicle established • Sale of energy output with the specific purpose of • Public sector support segregating and handling cash flows • Subsidies/Tax incentives Repayment Schedule FM, O&M Fi
Slide 26: Key Terms
KEY TERMS Fund Size £160.0m Dividend Yield Yield C I shares 6.0% (as at 31 December 2025) Share Classes Clean & Institutional / Income & Accumulation / GBP, USD & EURO Minimum Investment £100 AMC I: 0.70% | C: 0.80% OCF * I: 0.70% | C: 0.80% Issue Price £1 (as at 18/12/2017) Valuation and trading Da
Slide 27: Platforms & Wrappers
PLATFORMS & WRAPPERS Available on the following platforms Suitable for 7IM Old Mutual/Quilter Direct investors Aegon Pershing SIPPs AJ Bell Prudential ISAs Allfunds Raymond James Charities Alliance Trust Savings SEI Offshore bonds Ascentric Standard Life - Elevate Companies Aviva Standard Life - Wra
Slide 28: Important Notice
IMPORTANT NOTICE Warning This presentation is issued by Gravis Advisory Limited (“GAL” or the “Firm”), which is authorised and regulated by the Financ ial Conduct Authority. GAL’s registered office address is 24 Savile Row, London, United Kingdom, W1S 2ES. The company is registered in England and Wa
Slide 29: Contact Information
CONTACT INFORMATION William Argent, Fund Manager Cameron Gardner, Director, Head of Distribution william.argent@graviscapital.com cameron.gardner@graviscapital.com 020 3405 8555 James Peel, Senior Research Analyst Jason Anderson, Head of London Sales james.peel@graviscapital.com jason.anderson@gravi
Slide 30: Investment Ideas for the Long Run
INVESTMENT IDEAS FOR THE LONG RUN
TM Gravis Clean Energy Income Fund — Investor Presentation (January 2026) on 6ix